The public sector bank, Canara Bank, has increased its interest rates on fixed deposits by up to 1 percent on deposits with certain maturities.
But, at the same time, interest rate has been slashed in one maturity slab that of term deposits with maturity between 180 to 269 days, by 0.5 percent and currently stands at 7.5 percent from 8 percent.
Canara bank announced the revision in interest rates by issuing a press statement. The rates have been hiked on term deposits of 1 to 2 years and 3 to 5 years. The rates on these slabs have been increased by 0.55 percent and currently stand at 9.05 percent.
Similarly, deposits maturing between 270 days and 1 year will have interest rate of 9 percent. Earlier, it was 8 percent and has been increased by 1 percent. On the other hand, 5 to 10 year deposits will earn 9.05 percent, an increase of 0.55 percent.
The revised interest rates will come into effect from today.